Economy Update March 2016

Economy Update March 2016

Economy

Growing a Prosperous and Dynamic Economy 

 

The March Economy Committee meeting featured a presentation by Joan Young of the Fayette County Development Authority. She outlined key target markets:
  • Aviation/Aerospace
  • Advanced Manufacturing
  • Data Processing
  • Film/New Media
  • Headquarters
  • IT
Young discussed incentives. She explained that FCDA currently uses incentives that are negotiated on a case-by-case basis. She is in the process of asking¬† local governments to consider an upfront incentive plan for Fayette‘s targeted industries with set performance measures. She shared that at the state level, Georgia provides incentives as well but they are structured to promote counties with the greatest need. Fayette and 17 other counties are considered the healthiest economically so receive the lowest state incentives. Fortunately, Fayette County is in a partnership with Coweta County in what is called a joint development authority. The state of Georgia increases incentives by $500 per job because we are in a joint development authority..
The committee members had so many questions that Young only made it through about a quarter of her presentation. The group looks forward to having her return to continue the committee’s education on economic development.

The next meeting is May 10 at 8 a.m. at The Harbin Agency in Tyrone. The committee will focus on plans to help small businesses and startups at the May meeting.

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